Upper Left Coast

Thoughts on politics, faith, sports and other random topics from a red state sympathizer in indigo-blue Portland, Oregon.

Thursday, May 04, 2006

Gas Gougers? Not.

Numbers from ExxonMobil for the first quarter of 2006, according to a conference called that included Mary Katharine Ham at HughHewitt.com:
Total earnings: $8.4 billion
U.S. earnings: $2.3 billion
U.S. tax incurred: $3.7 billion
In other words, ExxonMobil earned more than six billion dollars, or almost 73 percent of total earnings, from sales outside the United States (because of high demand in developing countries like China). They paid 60 percent more in taxes than their total US earnings. Over the past five years, ExxonMobil has paid $22.2 billion more in US taxes than it's received in US earnings. Now that's a windfall . . . for the US government.

Oh, and by the way, ExxonMobil is the nation's largest oil company, but produces just 3 percent of the world's oil. It owns and operates about six-tenths of one percent of the service stations in the country.

But those oil companies, they're stroking the US consumer. They must be colluding. Tax them until they bleed.

3 Comments:

  • At 5/04/2006 7:00 PM, Blogger Richard Walling said…

    I also think it is time that someone defend the "Big Oil" companies accused of creating recent increases in gas prices. When did risking money to make money become a crime? If you want to blame someone, blame me for putting almost 60K miles on a Tahoe in 3.5 years.

     
  • At 5/07/2006 5:07 AM, Anonymous pensive said…

    Good lord, that's a lot of miles in the Tahoe. Did your state and federal legislators send personal thank you cards for doing so much to pad their bottom line? :)

     
  • At 5/07/2006 4:31 PM, Anonymous Rider said…

    Didn't I read somewhere recently that XOM's profit margin (and that of the domestic oil companies in general) is way lower than that of companies in lots of other businesses like banking and internet search and pharmaceuticals? It seems to me that the article said that the margin has stayed about the same in recent years, too.

     

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